How Carlsberg turned Singapore’s kopitiam culture into an award-winning brand experience

Most brands spend years trying to earn a place in culture. Carlsberg took a different approach. It looked at a cultural space it had already occupied for decades. That thinking led to Jalan Carlsberg, an immersive brand activation created by Carlsberg Singapore, and independent creative agency The Ad Makers, winning silver in the Most Creative – Immersive Brand Activation category at the MARKies Awards Singapore 2026. For years, Carlsberg has been a familiar sight across Singapore’s kopitiams. Long before experiential marketing became an industry buzzword, generations of Singaporeans were already encountering the brand in neighbourhood coffee shops, gathering with friends over meals, conversations, and beer. Yet, despite this long-standing association, few consumers would consciously describe Carlsberg as a brand deeply connected to Singaporean culture. That observation became the starting point for Jalan Carlsberg. Rather than creating an entirely new experience platform, the team asked a different question: what if the place that helped build Carlsberg’s relationship with Singaporeans became the experience itself? The answer was a retro-reimagined Singaporean street inspired by the sights, sounds and social rituals of kopitiam culture. Located at GastroBeats 2025, Jalan Carlsberg transformed familiar local icons into a contemporary brand world. Red plastic chairs became larger-than-life landmarks. Traditional mini-marts were reinterpreted as branded retail experiences. Everyday neighbourhood details were elevated into interactive moments designed for exploration and sharing. The result was an activation that felt both familiar and unexpected. Visitors immediately recognised the environment because it reflected a space they already understood. At the same time, they were invited to experience it in a way they never had before. Instead of introducing consumers to a new cultural territory, Carlsberg amplified one that had always belonged to the brand. In many ways, that was what made the campaign stand out. While experiential marketing often focuses on creating worlds that transport audiences somewhere else, Jalan Carlsberg demonstrated the power of looking closer to home. By drawing from a setting that already held meaning for Singaporeans, the activation turned everyday cultural cues into a shared experience that felt authentic rather than manufactured. The campaign also reflected a broader trend in modern brand building. As consumers become increasingly skeptical of borrowed cultural relevance, brands are finding greater value in uncovering truths that already exist within their own histories. For Carlsberg, that truth was found in kopitiams. For marketers, the Jalan Carlsberg brand activation served as a reminder that sometimes the strongest ideas are the ones that recognise the value of a space a brand already occupies. source

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The riddle of the LA Olympics: No cars, no new venues – How?

In 2028 Los Angeles will become the first city to hold the (modern) Olympic Games for a third time, following previous runs in 1932 and 1984. The 2028 Summer Olympics, also known as LA28, are shaping up to be one of the most unconventional Olympic Games in modern history – not because of new stadiums or architectural spectacle, but precisely because of their absence. In a striking departure from the model followed by many recent host cities, Los Angeles is pursuing a “no-build” Olympics, repurposing existing venues with sports-specific renovations but no new builds. That’s not the biggest surprise, either; LA is attempting something even more radical for a car-centric city: a “no-car” Games built around public transport rather than private vehicles. This approach reflects a broader shift in how mega-events are conceived in the 21st century. After decades of escalating costs, underused infrastructure, and environmental criticism, Los Angeles is attempting to redefine what it means to host the Olympics. The LA28 “No-Build” Infrastructure Plan Perhaps the most defining feature of LA28 is its commitment to using existing infrastructure. Unlike cities such as Beijing, Athens, or Rio de Janeiro, which invested heavily in new stadiums that later struggled to find long-term use, Los Angeles has pledged to construct no new permanent venues for the Games. Instead, the city is drawing on its extensive network of professional sports arenas, university facilities, and entertainment complexes. Iconic venues such as SoFi Stadium, Crypto.com Arena, and the Los Angeles Memorial Coliseum will host major events, while other competitions will be distributed across Southern California. Where existing venues are insufficient, the solution is not permanent construction but temporary or repurposed infrastructure. Sports such as cricket, for example, will be staged in purpose-built temporary facilities rather than newly constructed stadiums. This strategy offers several advantages. It reduces costs, avoids the long-term burden of underused facilities, and allows for greater flexibility. Temporary venues can be dismantled or adapted after the Games, leaving a lighter footprint. The reuse of venues goes beyond simply selecting existing stadiums. The LA28 plan involves retrofitting and adapting dozens of venues to meet Olympic standards. This includes upgrading facilities, improving accessibility, and installing temporary seating, media infrastructure, and athlete services. In effect, Los Angeles itself becomes a distributed Olympic park. Rather than concentrating events in a single precinct, the Games will unfold across a wide metropolitan area. This decentralized model reflects the geography of Los Angeles, a sprawling city with multiple centers. It also leverages the city’s identity as a global sports and entertainment capital. LA is famous for many things – including its massive freeways and heavy reliance on cars The LA28 “No-Car” transport plan If the venue strategy is ambitious, the transport plan is even more so. Los Angeles is famously one of the most car-dependent cities in the world, relying on a spaghetti of interconnecting freeways that spread out across a sprawling area. Some 93% of all LA passenger miles in 2022 were undertaken in cars, according to the Oliver Wyman Forum. Yet organizers are aiming for a “no-car” Games. Spectators will be strongly discouraged from driving, and parking near venues will be extremely limited. Instead, attendees will rely on public transport, shuttle services, and park-and-ride systems. The goal is for all ticketed spectators to reach venues without using private cars, in a city where only around 2% of miles are currently undertaken on public transit, and 5% by walking – again, according to the Oliver Wyman Forum’s 2022 data. Despite the emphasis on public transport, Los Angeles is not building an entirely new system in time for LA28. Instead, it is accelerating existing projects and improving current infrastructure. Rail extensions, bus network enhancements, and better connections between key locations are all part of the plan. In addition, thousands of buses may be borrowed from other regions to handle peak demand during the Games. Organizers are also considering behavioral strategies such as encouraging remote work and staggering business hours to reduce congestion. Underlying both the venue and transport strategies is a focus on sustainability. By avoiding new construction, the Games reduce carbon emissions and environmental disruption. Discouraging car use also aims to cut traffic congestion and improve air quality. The approach signals a shift toward more environmentally responsible mega-events. The vision is ambitious but not without risks. Public transport capacity may be stretched, and persuading LA residents and visitors to avoid cars while the Games are on could prove difficult. The spread-out nature of venues increases reliance on a transport system that must operate efficiently. Timing is also critical, as infrastructure upgrades must be completed on schedule. Despite these challenges, the Los Angeles approach could represent a turning point. By focusing on existing infrastructure and operational efficiency, it offers a more sustainable and financially responsible model. If successful, it may influence how future Olympic Games are planned, reducing the need for large-scale construction and encouraging smarter use of existing resources. The 2028 Los Angeles Olympics are not about building more, but about using what already exists in smarter ways. By repurposing venues and prioritizing public transport, the city is attempting to redefine how the Games are delivered. Whether it succeeds will depend on execution, but the ambition is clear: to create an Olympics that is more sustainable, more efficient, and more aligned with the realities of the modern world. Sources: LA28 / Various source

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Dow Jones Futures Fall, Snowflake Surges On Earnings; Fed Inflation Data Due

Dow Jones futures fell slightly early Thursday overnight, along with S&P 500 futures and Nasdaq futures. Oil prices rose somewhat. Marvell Technology (MRVL) rose slightly on earnings while Snowflake (SNOW) surged. The Fed’s favorite inflation gauge, the core PCE price index, is due before the open. The stock market was slightly higher on the major indexes on Wednesday, all near… Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8 source

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A vaccine designed using AI has just been tested in humans

Neil Mabbott, University of Edinburgh/ The Conversation Researchers at the University of Cambridge have developed what they describe as a fundamentally new type of vaccine using artificial intelligence (AI). The vaccine’s key component was designed entirely by AI and has now been tested in people for the first time. The goal is ambitious: a single vaccine that works not just against all known human coronavirus variants, but against related bat viruses that could jump from animals to humans and cause future pandemics. Traditional vaccines train our immune system to recognise one specific virus. The problem is that viruses mutate. When they change enough, the vaccine stops working, which is why we need a new flu shot every year and why COVID vaccines have been updated repeatedly since 2021. AI offers a way around this. By analysing genetic data from thousands of related viruses, it can identify the parts that stay the same across different strains and that are unlikely to change over time. Target those stable features, and you have a vaccine that should work against the whole family, not just the strain you started with. This is exactly what the Cambridge team did. They used AI to scan viruses from the sarbecovirus family, which includes the viruses that cause both SARS and COVID, as well as a range of animal coronaviruses – looking for shared features that evolution has left largely untouched. Those features became the basis of the vaccine. DNA vaccines While many people are familiar with the mRNA shots used during the pandemic, this new vaccine uses DNA. DNA vaccines are generally more stable than mRNA vaccines, making them easier to store and transport. A significant advantage in lower-income countries where “cold-chain” infrastructure is limited. They can also be administered without needles. A high-pressure stream of liquid delivers the vaccine through the skin, making administration less painful and easier to scale up during an outbreak. What is a virus? Could it protect against future pandemics? These practical advantages matter most if the vaccine itself can do something no existing jab can: protect against viruses we haven’t encountered yet. Broad-spectrum vaccines could change the way the world responds to emerging infectious diseases. By offering much wider protection than traditional vaccines, they could provide rapid immunity against new and emerging viral threats. This would equip public health officials with tools to stop future outbreaks in their tracks before they have a chance to turn into global pandemics. They could also transform our approach to more familiar diseases. Influenza is a prime target because it exists in many different strains and evolves so rapidly. Scientists have to predict which strains will dominate each flu season, and if they guess wrong, vaccine effectiveness can suffer. A universal flu vaccine that targets features shared across multiple strains could eventually end the annual race to keep up with the virus. And the Ebola virus shows why this matters right now. The recent outbreak in the Democratic Republic of the Congo and Uganda is driven by the Bundibugyo strain, which bypasses existing vaccines. While researchers rush to create a new vaccine specifically for this strain, local communities remain at high risk. A broad-spectrum vaccine designed to cover an entire virus family could transform that picture. What the trial found This is the first human trial of an AI-designed vaccine. The results showed that this DNA vaccine was able to stimulate the immune system to produce antibodies that can recognise different types of sarbecoviruses. The technology was found to be safe and well tolerated. This is an exciting advance because it demonstrates how AI has the potential to design variant-proof vaccines against future pandemic threats. The needle-free delivery system could also make the vaccine easier to administer and distribute worldwide. However, there is more work to do. Although the results in this study are encouraging, the immune responses following vaccination were modest. It was also uncertain how long the protection lasts and whether further boosters will be required. Larger trials are also needed to determine whether the vaccine can prevent or reduce virus infections in the real world. A universal vaccine remains a few years away. And any new vaccine must still pass larger trials to prove it is safe, effective and provides lasting protection. But this study shows the goal is getting closer – and AI may help us get there faster. Neil Mabbott, Personal Chair of Immunopathology, University of Edinburgh This article is republished from The Conversation under a Creative Commons license. Read the original article. source

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Netflix sets guardrails for AI use in content production

Streaming giant Netflix has developed a guideline for the safe use of generative AI in content production, according to a report by Nikkei Asia. Speaking to journalists during a visit to Japan, co-CEO Greg Peters said the company is committed to maintaining a creator-centric approach to AI while exploring opportunities to deploy the technology across user experience, content production and advertising. According to the report, Peters said Netflix aims to support creators in using AI throughout the creative process, adding that the company believes AI should be led by creators rather than replace them. Don’t miss: Netflix chairman to step down as streamer posts strong Q1 results  As part of that effort, Netflix has published a set of guidelines for production partners on the use of generative AI in content creation. The guidance is designed to help filmmakers, production partners and vendors understand when and how generative AI tools can be used in productions destined for Netflix. It also includes a framework for assessing AI use cases and managing potential risks. “To support global productions and stay aligned with best practices, we expect all production partners to share any intended use of GenAI with their Netflix contact, especially as new tools continue to emerge with different capabilities and risks,” Netflix said in the guideline seen by MARKETING-INTERACTIVE. The document outlines several principles that productions should follow before adopting generative AI tools. These include ensuring outputs do not replicate or substantially recreate identifiable characteristics of unowned or copyrighted material, preventing infringement of copyright-protected works, and using tools that do not store, reuse or train on production data inputs and outputs. The guidelines also state that generative AI should not be used to replace or generate new talent performances or union-covered work without consent. The move comes as Netflix expands its AI ambitions across both content and advertising. Earlier this year, the company said it was investing in generative AI applications spanning content production, advertising and user experiences, while continuing to position the technology as a tool that supports human creativity. At its annual Upfront presentation, Netflix also unveiled a range of AI-powered advertising capabilities as it accelerates the growth of its ad-supported business. These include AI agents designed to manage and purchase advertising inventory, as well as tools that dynamically adapt creative assets across formats such as vertical video and pause ads. The company is also expanding contextual advertising capabilities that match brand creative with specific shows and viewing environments. The technology has already been tested with advertisers including DoorDash, Target and TurboTax, and is expected to roll out across all ad-supported markets by the end of the year. Related articles:  Netflix joins the attention war with new ‘Clips’ feature  Mediacorp takes local drama regional with Netflix deal  Netflix bows out as Paramount raises the stakes in Warner Bros. bidding war  source

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Floating hydrogen hubs skip port rebuilds at a higher electricity cost

Retrofitting a port berth with shore power can take anywhere from three to seven years of permitting, construction, and grid upgrades. Now, a UK company has developed a floating hydrogen-powered platform and can make that wait disappear without having to move a single brick. The Hydrogen Power Hub, a modular floating platform developed by a UK-led consortium headed by Elire Maritime, has cleared six months of engineering trials, removing the last technical barriers before commercial deployment. The system can dispatch up to 5 MW of continuous clean power directly to a docked vessel while it sits at berth – no grid connection, no port construction required. The platform is built from three hexagonal modules that together cover around 1,200 sq m (12,917 sq ft). At full capacity, it can supply 91 MWh of energy per week, enough to serve mid-size cruise ships. The core of the system is a set of 1.3-MW modular hydrogen fuel cells – essentially electrochemical devices that convert hydrogen gas into electricity through a chemical reaction, with water as the only byproduct. The Hydrogen Power Hub covers around 1,200 sq m across three modulesElire Maritime Those fuel cells run continuously, consuming between 7,500 and 8,000 kg (16,535 and 17,637 lb) of hydrogen per week, slowly charging a 45-MWh onboard battery bank. When a ship pulls up, that stored energy can be discharged rapidly like a giant power bank. An onboard solar array generates up to 146 kW of additional power, giving the platform some autonomy between hydrogen resupply visits, which happen roughly twice a week by support vessel. Docked ships are some of the dirtiest neighbors a port city has. Their diesel auxiliary engines keep running, burning fuel and pushing exhaust over the surrounding city just to keep the onboard systems alive. The Hydrogen Power Hub cuts port emissions by 77% compared to those conventional diesel generators, saving an estimated 47 tonnes of CO2 per ship per week and eliminating the particulate pollution that drifts over surrounding cities. One of the more novel technical bets is the hydrogen storage system developed by Rux Energy UK, which uses nanoporous materials – materials riddled with microscopic pores that trap hydrogen molecules – to store the gas compactly and at low pressure. That’s a meaningful safety and logistics advantage over high-pressure tank alternatives. Onboard hydrogen tanks require a resupply vessel roughly twice a weekElire Maritime The University of Strathclyde stress-tested the designs in wave tanks to verify structural integrity and inter-module connectivity under storm conditions. Schneider Electric and Ricardo plc independently verified that the electrical architecture can operate fully off-grid and that hydrogen integration meets safety standards. Engineers found no technical barriers to full construction. Its main downside is price. According to Elire, hydrogen-generated electricity from this platform is estimated at £0.25–0.50 per kWh (around US$0.33 to $0.67), compared to £0.15–0.25 (~$0.20 to $0.33) for grid power or diesel – roughly two to three times more expensive. But the platform’s proponents argue that speed and flexibility change the equation. It can be assembled, deployed, and relocated as shipping routes shift, avoiding the risk of expensive fixed infrastructure becoming stranded. “Ports are under increasing pressure to decarbonize while facing major infrastructure constraints,” said Luke Jenkinson, founder and CEO of Elire Maritime. “We have validated a practical, scalable, and deployable system capable of delivering clean power directly where it is needed most.” The consortium, funded through the UKRI Clean Maritime Demonstrator Competition Round 6, has entered early stage engagement with ports in London, Singapore, Hamburg, Brisbane, and Riga – ports already under regulatory pressure to cut emissions but unable to pause operations for years of construction. Source: Elire Maritime source

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Orange you upset? Yakult discontinues legacy flavour, leaving fans divided

Yakult Singapore is retiring its orange-flavoured Yakult and replacing it with a new peach flavour, marking the brand’s first flavour change since it hit Singapore’s shores in 1979. The orange-flavoured Yakult will be phased out locally from July 2026.  The original lineup of flavours at launch included orange, grape, green apple and the original classic version. The change is due to production capacity constraints at its Singapore factory, with production of the orange-flavoured Yakult set to cease at the end of June. Don’t miss: How Yakult Malaysia is evolving with its iconic Yakult ladies for 90th anniversary  In an interview with The Straits Times, Masaaki Sunami, Yakult Singapore’s managing director, said the company had received requests from customers to bring the peach-flavoured Yakult to Singapore, a flavour that has performed “very well” in other markets and is popular among international consumers. He added that the peach-flavoured Yakult offers a strong alternative to the orange flavour and that the company is encouraged by its success in other countries. The move has divided fans on the internet. Checks by MARKETING-INTERACTIVE on Yakult Singapore’s social media pages found several users urging the brand to keep the orange flavour. On its latest post, one user commented that orange was “the reason why consumers choose Yakult over Vitagen”, positioning the flavour as a point of differentiation from its competitor. Another appealed to the brand to “please listen to your consumers” and reconsider the move. Meanwhile, media intelligence firm CARMA found that the online conversation is driven more by nostalgia rather than rejection of the new flavour, with the strongest theme being product discontinuation (44%), followed by flavour preference (36%), suggesting that consumers are primarily reacting to the loss of orange Yakult, rather than expressing direct dislike toward peach Yakult.  Positive discussions were driven by Yakult’s strong brand affinity (91.7%) and curiosity toward the new peach flavour (48.6%). “Orange Yakult’s discontinuation highlights how legacy products can hold emotional value far beyond their commercial performance. While Yakult says orange was its least popular flavour, online discussions suggest it may have been one of the brand’s most emotionally significant products,” said CARMA. The conversation had also moved beyond nostalgia into action, with consumers sharing plans to stock up on orange Yakult before its discontinuation. This suggests the announcement created a scarcity effect, transforming a routine flavour change into a consumer-led farewell moment. This was broadly echoed by Truescope Singapore, which found that the announcement triggered a sharp spike in attention, with coverage rising from three items before the announcement to 257 after it. This marked a near 8,500% increase, reaching close to 49.4 million in potential audience within 36 hours. However, Truescope’s analysis suggests that sentiment varied depending on where the conversation was taking place. While social posts leaned slightly negative due to nostalgic and farewell-style reactions around the retirement of orange Yakult, audience comments were more positive. According to Truescope, the dominant sentiment at the comment level was “positive-to-relieved”, with many users saying orange was their least preferred flavour and welcoming the switch to peach. Rather than rejecting the new peach flavour, much of the conversation centred on consumers defending their preferred Yakult flavours. Truescope noted that users were more concerned about Yakult potentially discontinuing favourites such as original, grape and green apple, with comments such as “just don’t touch my original and green apple” and “just don’t touch the purple one please” drawing high engagement. “Majority of commenters across TikTok, Instagram, and Facebook expressed that orange was their least preferred flavour and welcomed the change. The key themes audiences are raising centre not on grief for orange, but on protective anxiety about grape and green apple,” explained Truescope.  Yakult Singapore has yet to publicly respond to the reaction. The brand’s recent marketing efforts have largely centred on Yakult Gold, which it positions as a healthier version of its probiotic drink without “compromising the taste”. Other initiatives include an ongoing recipe-led campaign showcasing different ways consumers can enjoy Yakult, from matcha and strawberry shakes to ice cream. Meanwhile in Malaysia last year, Yakult celebrated its 90th anniversary with a series of consumer engagement efforts, including grocery and hypermarket roadshows, bottle-shaped mascots and a “Spin to win” campaign offering customers the chance to win flights to Japan amongst other prizes. The brand also evolved its door-to-door service led by the iconic “Yakult ladies” with a phygital layer, where receipts include QR codes directing customers to a mobile site for registration, gamified experiences and reward redemption.  Photo courtesy of Yakult Singapore, Facebook. Related articles:  ‘Unlike other nutri-grade D cultured milk’, says Vitagen in latest competitor jab  Yakult SG takes consumers on a gut health adventure with 3-part mini game Yakult plastic straws marketed on Carousell as ‘vintage’, reselling at SG$1,000  source

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Stock Market Today: Nasdaq Ends Higher In Recovery Move, Dow Dips; Apple Sinks On AI News

The Nasdaq composite ended higher in mixed action Monday, with Iran declaring a stop to strikes against Israel aiding a recovery after last week’s rout. Micron Technology (MU) jumped as chip stocks rallied, while Apple (AAPL) retreated on the stock market today. The tech-heavy Nasdaq was the clear winner of the day, rising 0.9% following Friday’s 4.2% drop. The S&P… Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8 source

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KGI凱基下半年環球市場展望 : 迷霧藏曙光

面對美伊戰爭與通脹陰影,2026 下半年的美國經濟將靠 AI 投資突圍,甚至帶旺其他板塊。當美 聯儲維持利率不變,美債收益率恐飆升至 4.8%以上。中港市場方面,正處於結構轉型期,高技術 出口展現出顯著的增長韌性,但在中美兩國宏觀環境與政策同時出現變化的背景下,加上中港股 市估值維持於相對低位,中央公布經濟增長目標後,將驅動市場重整。 在此背景下,對 2026 下半年佈局我們維持「LEAD」策略建議‥ 1. Liquidity Shift 資金挪移 2. Earnings Focused 聚焦盈利 3. Adding Credit 加碼信用 4. Diversified Assets 資產分散 凱基國際財富管理主管魏志傑表示‥「利率見頂、傳統資產相關性失效的宏觀環境下,投資者已 難以依靠被動持有現金。我們的 『LEAD』 策略正是針對這一背景而設,採取主動型、高確信度 的投資指南。透過將流動資金配置於人工智能基礎設施的結構性增長週期,同時在高評級企業信 貸中釋放可預測的機構級收益,我們協助客戶構建更具韌性的多元資產組合。我們認為,真正的 財富管理不僅止傳統諮詢服務,而是需要跨越固定收益、資產管理及全球市場等領域的專業知識與資源,實現資源無縫整合,將私人財富管理提升至具備機構水準的解決方案。」 宏觀及美國市場 2026 下半年美國經濟表現仍將有不錯的表現。儘管在美伊戰爭、油價或通脹的陰影下消費面臨壓 力,但當前美國經濟主軸是投資、特別是 AI 資本支出驅動的趨勢逐漸明朗,並不如過去依賴消費 拉動的經濟結構、因此受影響較小。此外,當前不僅是美國、全球經濟生產鏈依賴原油的程度都 在降低、而美國因本身產油,受到的影響就更小了。我們維持先前對 2026 美國經濟增長 2.2%的 預測。 歐元區經濟降溫與能源壓力並存,政策觀望下信用條件持續收緊;日本內需動能放緩,外需在半導體支撐下仍具韌性,通脹尚未穩定達標使政策正常化維持謹慎;中國內需、房地產依然偏疲弱,惟全球 AI 投資週期帶動外需與新興產業活躍,緩解經濟大幅下行的可能性。 由於油價居高不下導致美國物價壓力逐漸上行,加上失業率維持穩定,美聯儲已連續三次會議維 持利率不變,預期今年將繼續維持利率不變至年底,且若未來出現中長期通脹預期失控、薪金漲 幅重新加速等情況,美聯儲將面臨加息壓力。 美股方面,受惠於 AI 資本支出暢旺、提高生產力,盈利預計進一步上調至年增近 20%的水平;且 因這方面的效果逐漸擴散,惠及其他非科技板塊,整個基本面非常良好。估值方面,儘管 10 年債孳息率受通脹預期升高等影響推高,但因基本面如利潤率持續推升,有效壓制風險溢價於低水平, 折現率並未飆升,也不至於對估值造成太大壓力。整體來看,在基本因素改善、估值方面影響卻 有限的情況下,我們將 2026 年標普 500 目標調升為 8,000 點。 板塊方面,除了 AI 題材為主軸的增長股外,受其擴散影響較為明顯的週期性股份也會有表現機會,大市走勢會呈現一個較百花齊放的格局。債券投資方面,隨著通脹升溫和加息預期更趨濃厚,10 年期國債孳息率在今年第二和三季裡不排除可能上探 4.8%以上;建議逢美債孳息率彈高時,可考 慮配置中長期美國國債或較高信評的美國投資等級公司債,並且,考量美國信用較差的企業資產質素惡化且較易受高油價衝擊,建議避開 CCC/Caa 級或以下之美國非投資等級公司債。 凱基投顧董事長朱晏民表示‥「美國經濟雖面臨油價與通脹壓力,但 AI 資本支出已成為主要增長 動能,使經濟對消費與能源的依賴下降,支持美國經濟與企業盈利維持韌性。我們維持美國 2026 年 GDP 增長 2.2%預估,並將標普 500 目標上調至 8,000 點,看好 AI 投資效益持續擴散至更多產 業。」 中國內地及香港市場 當前市場關注的焦點已從「經濟增長的高低」轉向「未來政策與盈利的能見度」。儘管 PMI 顯示 整體經濟不溫不火,但積極信號正不斷顯現:通縮壓力逐漸消除與房價跌幅從高位大幅收窄,帶 動了內地消費信心緩步回溫;同時,美國關稅對出口影響甚微,強勁的貿易盈餘為人民幣匯率提供極大支撐。在預期貨幣政策續偏寬鬆、工業企業利潤加速上揚,以及 1.3 萬億元超長期特別國 債為經濟注入實質動能的背景下,中國經濟正處於築底回穩期。正因為這種「不溫不火」但具備 能見度的宏觀環境,我們建議投資者將目光轉向具備結構性增長的領域,這正是我們推薦以下四大投資主題的核心原因: 主題一:中美貿易博弈「先升級後降級」,尋找加倉良機 9 至 11 月中美關稅談判將迎來高峰。雙方初期或採關稅威脅與出口管制等強硬策略,但礙於無法 徹底脫鉤,最終有望達成局部協定。期間因貿易爭拗引發的市場波動,將是長線加倉的優質機會。 主題二:AI 紅利加速兌現,高科技與機器人成亮點 首季高科技產品出口大增 39.2%,AI 代幣消耗量更預計至 2026 年初激增 1,400 倍。建議聚焦 AI 下 游應用、雲端運算及人形機器人,具備大模型商業化能力的科技巨頭與擁核心技術的機器人製造商將成最大贏家。 主題三:能源危機發酵,綠色供應鏈迎機遇 地緣衝突與高油價帶動全球可再生能源及儲能需求,多國補貼更確立其戰略地位。相較於「內卷」 受壓的光伏產業,投資應轉向利潤率上升的風能,以及掌握次世代技術且積極拓展海外的鋰電池龍頭。 主題四:銀行資產質素改善,防禦性顯現 減息步伐趨緩減輕了銀行淨息差壓力,配合經濟見底與不良貸款率回落,有效支撐盈利。看好具 高資本充足率(CET 1)且非利息收入提升的國有大行,其利潤有望重回上升軌道,提供極佳防守性 與高息回報。 凱基國際財富管理首席投資總監梁啟棠表示‥「展望 2026 下半年,中國經濟築底回穩,焦點由 『高增長』轉向『高能見度』。受惠通縮緩解與寬鬆政策,建議把握四大機遇:一、貿易談判引 發波動,實為長線加倉良機;二、加速兌現 AI 紅利,看好大模型巨頭與機器人;三、避開『內卷』 光伏,佈局風能與鋰電池龍頭;四、國有大行息差壓力收窄,防守與收息價值突顯。總結來說, 應以『科技創新』與『綠色能源』為雙引擎,『穩健金融』作防禦基石,於波動市中穩中求勝。」 台灣市場 受惠於 AI 軍備競賽持續推進、供應鏈盈利動能上調,我們將今年台股高點目標設定在 50,000 點, 相較目前指數仍具約 25%的上行空間。此一目標以明年預估 21 倍市盈率計算。 台股今年以來表現強勁,尤其自 4 月以來,即便中東地緣政治風險升溫、霍爾木茲海峽潛在供應 中斷等不確定因素干擾,市場仍展現高度韌性。其核心原因在於 AI 超級循環所帶動的產業趨勢, 已有效蓋過短期負面因素對市場情緒的影響。 本次全球科技股業績季的重要啟示在於,市場已逐步確認 AI 不再僅是估值敘述,而是轉化為企業 實質盈利與資本支出增長的關鍵驅動力。對台灣供應鏈而言,隨着 AI 應用由雲端延伸至終端裝置 與代理式 AI,主要雲端服務供應商對算力需求的迫切性顯著提升,並於本次業績季普遍上調資本 支出展望。 受惠於訂單持續擴大,台股企業盈利預期同步上調。我們最新預測,今年台股整體盈利年增率將 達 40%,顯著優於年初預期的 20%及業績季前的 30%;在高基數之下,明年盈利仍具約 25%的增 長空間,顯示 AI 驅動的盈利循環具備延續性。 整體而言,我們繼續看好台股。然而,短期仍須關注兩項潛在風險:其一,地緣政治衝突升溫可 能推升油價並干擾市場信心;其二,通脹壓力若再度升溫,恐影響聯儲局政策路徑。在台股目前 處於相對高位水平下,若上述變數發酵,市場波動加劇與技術性回調的風險亦將相對提高。 凱基投顧董事長朱晏民表示‥「在代理型 AI 應用興起所帶動的龐大算力需求推升下,全球算力供 給仍明顯供不應求。大型雲端服務供應商持續上調資本支出,進一步帶動 AI 基礎建設供應鏈盈利 預期持續上調;同時,產能不足所產生的擴散效應,也使受惠板塊持續擴大。這波由 AI 投資循環 驅動的台股上升行情,屬於結構性成長趨勢,而非過往消費電子換機潮所帶動的經濟周期,預期 有機會延續至 2027 年。」 LinkedIn Email Facebook Twitter WhatsApp The post KGI凱基下半年環球市場展望 : 迷霧藏曙光 appeared first on VeriMedia. source

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In conversation: The business of belief and marketing national pride

Singapore’s content landscape is increasingly crowded, but for Melvin Kuek, executive director of So Drama! Entertainment, success today is no longer measured by revenue, margins or pitch wins alone. Speaking on Marketing Connected’s “In conversation” podcast series, Kuek shared that his move from agency life to content creation, has brought a significant shift in his perspective of how success is measured. While agencies often focus on financial metrics, So Drama! increasingly looks at audience engagement and community signals. “We look at shares, comments and people saying they’re looking forward to the next episode,” he said. “At the end of the day, it’s about knowing who your audience is, where they are and what they want to see.” Catch the full interview here:  That change required a broader mindset shift, from “dollars and cents” to what Kuek describes as “optimising for trust and belief”. “It’s incredibly freeing because you’ve taken away the constraints of a client brief,” he said. “Ultimately, it’s about understanding what your audience wants and needs.” As a proudly Singaporean media and entertainment company, a major part of So Drama’s mission is championing local talent and stories. Through initiatives such as Homegrown, its annual music festival, the Kakee lifestyle app, and an upcoming action-drama film slated for release during National Service 60 celebrations next year, Kuek hopes to showcase what Singapore creators can achieve. Don’t miss: In Conversation: IKEA Singapore on why awareness must be earned, consistently  “We want to change the narrative from ‘Can Singapore do it?’ to ‘What should Singapore do next?’” he said. For Kuek, that ambition ties closely to the idea of marketing national pride, a concept that goes beyond patriotic messaging.  Marketing national pride is about making people proud of who we are and the work that we do “The work should never have a call to action that says ‘like this because it’s Singapore’. Instead, create something that people resonate with, connect with, and want to share.” As audiences become more selective and fragmented, Kuek believes trust, belief and cultural relevance have become some of the hardest, yet most valuable, metrics for marketers to earn. “Everybody thinks it’s a soft metric,” he said. “Actually, it’s a hard metric, because it’s completely binary. It’s either yes or no.” Much of his views anchor on his transition from agency leadership roles at the likes of BBDO Singapore, DDB Asia and Foxtrot Charlie, to leading the content and entertainment business focused on telling Singaporean stories. Although he made the switch out of agency life, Kuek said that they’re not that different.  “At the end of the day, storytelling still sits at the heart of everything that we do,” he said. “We tell proudly made-in-Singapore stories that we hope will resonate with audiences and narratives Singaporeans can be proud of.” Also tune in to the full conversation on Spotify: Tune into the rest of this conversation on your favourite podcast platforms, by searching up Marketing Connected. For all the visual people out there, we’ve got your back as well, with our vodcasts on YouTube. Related articles: In conversation: Singapore’s arts scene wants your attentionIn conversation: How Airwallex channels sports energy into B2B impact In Conversation: Are we forgetting what makes marketing work?  source

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